JOHANNESBURG (miningweekly.com) – ASX-listed junior Hannans has raised A$3.6-million in an oversubscribed capital raising to fund continued exploration for lithium at the Forrestania project, in Western Australia.
The project is near the Earl Grey lithium project being developed by NYSE-listed SQM and Australian miner Kidman Resources.
Hannans raised the capital in a share purchase plan (SPP) and placement at 1.27c a share, which is a 20% discount to the volume-weighted average share price of the company for the five days prior to December 4.
The company said several of its large shareholders participated in the SPP and placement.